Emerging markets suffer with geopolitical tensions

Markets fell across the globe, with events in Turkey dominating. The lira recovered some of Friday’s drop as Turkey’s central bank took steps to boost liquidity. Emerging-market assets were under pressure as President Recep Tayyip Erdogan maintained his defiance toward the U.S. and financial-market orthodoxy in speeches on Sunday even after the nation’s currency plummeted. The South African rand, which tumbled to a June 2016 low, among other weakening developing-nation currencies.

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